Pay cuts confirmed at Ibrox

Administrators Duff and Phelps this evening issued the following statement on behalf of Rangers Football Club.

Partner Paul Clark said: "We are pleased to announce today a package of cost-cutting measures has been agreed with the Rangers playing staff that enables the Club to move forward.

"The agreement on very substantial wage reductions and voluntary departures from the Club represents a major sacrifice by the Rangers players.

"The discussions have been lengthy and by no means easy for anyone involved but the most important objective in all of this process has been to achieve an outcome that will help save the Club.There are a small number of matters still to be dealt with over the weekend but we do not believe these will be insurmountable in the completion of an agreement.

"The players deserve great credit and we are in no doubt that this agreement is the best way to achieve the necessary cost savings to ensure the continuing operations of the Club while preserving the fabric of the playing squad.

"The agreement has also directly prevented substantial job losses among non-playing staff both at Ibrox and Murray Park.

"This has been a difficult week for everyone at the Club and we are pleased that we can now move forward and focus on the next steps in the recovery process."

The cost cutting programme includes:

• First team playing squad members agreeing substantial temporary wage cuts ranging from 25% to 75% of their salaries.

• The senior football management team accepting temporary wage cuts.

• The wage cuts will prevent widespread job losses at the Club.

• Non-playing job losses are being kept to a minimum.

• Two members of the playing squad, Gregg Wylde and Mervan Celik, have been allowed to leave the Club at their request.

Mr Clark added: "Everyone involved in the process, the Duff and Phelps team, the manager, the PFA Scotland and, most importantly, the players themselves made every effort possible to reach a consensual position where job losses among the playing staff were either prevented or kept to the minimum.

"This required a commitment to very substantial temporary wage cuts and we're very pleased to say that after all our discussions this has been achieved.

"The considerable sacrifice the players at Rangers have made has saved the jobs of other people at the Club and we fully recognise the football staff are paying a very heavy price for the greater good.

"It is to their eternal credit the players and the management have sought to find a solution that helps protect the fabric of the Club.

"We are especially grateful to the manager, Ally McCoist, who has put the interests of the Club, his players and the staff first and foremost at all times.Senior first team players have also been very helpful in trying to secure a successful outcome.

"We should be absolutely clear that this Club is in a perilous financial situation and there are no easy options. If substantial cost reduction could not be achieved then the Club would not survive until the end of the season.

"Administration is never a painless process and is imperative if the Club is to survive that the business trades viably through the period of administration.

"As regards non-playing staff, job losses will be kept to a minimum. The recently opened London office will close and another recently appointed employee will leave the business.

"We still hold to our view that the future of Rangers can be secured and the measures announced today will be an important part of the recovery process."